Question

loss on sale of fixed asset objective ans
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Answer 1

Answer:

Fixed asset is an asset held with the intention of being used for the purpose of producing or providing goods or services and is not held ... charged to the profit and loss statement.

Answer 2

Answer:

Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset. Gain on sale. Debit cash for the amount received, debit all accumulated depreciation, credit the fixed asset, and credit the gain on sale of asset account.